PERTH, 27 FEBRUARY 2012 – Tenants searching for offices in Perth’s space-starved CBD and West Perth market have been thrown a life line with the scheduled completion in July of a 2000 square metre office refurbishment project adjacent to the Mitchell Freeway interchange.

Work on combining three existing buildings at 578-582 Murray Street commenced last year and is expected to provide one of the largest single lease offerings currently available in the West Perth market.

Jones Lang LaSalle’s National Director of Office Leasing, David Evans said that vacancy rates for A-grade properties of more than 1000 sqm in the CBD and West Perth were now sub-one per cent, whilst Jones Lang LaSalle’s research indicated that any substantial re-balancing of the market was unlikely to occur inside the next two to three years.

“The property is now in the final stages of refurbishment which would include a new façade, ceilings, lighting, lift and air conditioning systems,” said Mr Evans.

“Owners, SPH Group, have recognised the competitive nature of the current employment market and have invested in amenities like dedicated end-of-trip facilities comprising bike storage, male and female showers and change rooms, which are increasingly common in newer CBD offices.

“A key feature of the project has been preservation of the existing carpark which features at least 65 on-site covered and uncovered bays, which is one of the most generous currently available in the West Perth/CBD area,” he said.

Mr Evans said that the CBD’s north western precinct had been somewhat overlooked in recent years even though it is about 350m from QV1 and provides easy access to rail and CAT bus services, the city’s west end cafes and bars and almost direct connections to the Mitchell and Kwinana freeways.